Key facts
- Evernorth Holdings began trading on the Nasdaq under the ticker XRPN.
- The company holds approximately 473 million XRP.
- Evernorth Holdings merged with Armada Acquisition Corp. II.
- Hugo Jeandesboz was named chief investment officer to lead treasury strategy.
- Evernorth Holdings aims to deploy XRP holdings in DeFi yield strategies.
Evernorth Holdings, a Ripple-backed firm focused on managing an XRP treasury, began trading on the Nasdaq under the ticker XRPN on Monday. The company completed its merger with Armada Acquisition Corp. II on October 9, positioning itself as the largest publicly traded XRP treasury company with approximately 473 million XRP, valued at $657 million.
Hugo Jeandesboz, formerly Co-Chief Investment Officer at Coinbase Asset Management, has been appointed as Evernorth's new chief investment officer. He will oversee treasury strategy, including allocation, liquidity management, and active management of the company's XRP holdings, reporting to Evernorth founder and CEO Asheesh Birla, a former Ripple executive.
Evernorth plans to deploy its XRP holdings through institutional lending, liquidity provision, DeFi yield strategies, and participation in capital markets activities, including tokenized real-world assets. Investors in Evernorth include Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital. The stock experienced volatility, trading down in premarket hours before opening higher and then paring gains, influenced by a sell-the-news strategy and the broader crypto market's performance, including XRP's price decline.